• From bad to worse. Entering 2020 on already unstable footing following a tsunami of store closings over the past half-decade, mall REITs have been punished by the ongoing coronavirus pandemic.
• Mall REITs have plunged nearly 50% so far in 2020. Absent a miracle, mall REITs are likely to underperform the REIT average for the fifth straight year in 2020.
• Rent collection averaged less than 50% in the second quarter. Same-store NOI dipped roughly 30% in Q2, while FFO per share has plunged a mind-numbing 45% through the first half of 2020.
• Shop till you drop? Simon Property is on a shopping spree, as the mall REIT continues to make investments into distressed retail brands that will keep many storefronts open, at least for now.
• The forthcoming post-pandemic "suburban revival" offers a glimmer of hope for deep value speculative investors, as does Amazon's rumored interest in converting vacated department store space into distribution centers.

To continue reading, click here to visit Seeking Alpha!